The Stages in the Social History of Capitalism

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Henri Pirenne explores the evolution of capitalism through distinct historical stages, highlighting how shifts in economic organization lead to a discontinuity among capitalists. He argues that as conditions change, existing capitalists often withdraw from active participation, transforming into a passive aristocracy. This analysis reveals the dynamic relationship between economic structures and class roles, emphasizing how capitalists adapt—or fail to adapt—to new circumstances, ultimately influencing the trajectory of economic history.